A new Senate report says America faces a huge retirement savings deficit. It's about $6.6 trillion. It's about $57,000 per household. It's double or more what most households have in savings. It assures current crisis conditions worsening.

Based on Federal Reserve data, the Center for Retirement Research (CRR) estimates 53% of US workers aged 30 or older woefully unprepared for retirement.

In 2001, it was 38%. In 1989, it was 30%. Other studies confirm CRR's findings.

Alicia Munnell serves as CRR director. "There is a mismatch between retirement needs rising and retirement benefits contracting," she says.

Current conditions are polar opposite earlier ones. From Social Security's 1935 enactment through the mid-1970s, things improved for most Americans.

No longer. Most people are increasingly on their own. They're woefully unprepared. They earn and save too little. Trouble awaits them later on. Dire economic conditions exacerbates things.

Public pensions have similar problems. They're being looted. They're targeted for eventual elimination. They may be gone in another decade or sooner.

Most households today have few options. Government scoundrels target them. Austerity substitutes for help. Dire conditions are worsening.

One worker spoke for others. He's aged 60. He thought he'd be comfortable in retirement. In 2002, he was laid off. "People talk about a lost decade," he said. "That's what I've been through," he stressed.

He spent the last 10 years struggling. He was in and out of low pay/poor benefit/part-time contract jobs. He drained his savings to get by. Doing so excludes retiring when he planned.

Power politics replaced fairness. Corporate empowerment and privilege are institutionalized. Wealth is disproportionately shared. Ordinary people are exploited. Growing millions are left high and dry.

America is rife with corruption and gangsterism. The criminal class in Washington is bipartisan. Kleptocrats run things. They're complicit with corporate crooks. Poverty, unemployment, hunger and homelessness are at near record levels.

Social justice are four-letter words. Police state harshness confronts resisters. Big monied interests alone matter. Obama's committed to serve them. So are party bosses and most congressional members.

America's unfit to live in. It's unprincipled and morally reprehensible. It force-feeds hard times. The worst by far is yet to come.

Informed Activist

Speaking Events

Buy Books

Get Gear

The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.

User login

Username: *

Password: *

CAPTCHA

This question is for testing whether you are a human visitor and to prevent automated spam submissions.